Business planning

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Inheritance tax farmers

An important message about Inheritance Tax

13th November 2024
The Autumn Budget has certainly triggered a lot of questions and concerns from our clients. Particularly from farmers whose estates may now be subject to Inheritance Tax when they die, whereas previously there were good tax reliefs to protect their estates. If you are a farmer and are concerned about how this might affect you...

New Companies House fees mean a jump in costs

1st June 2024
With Companies House increasing their fees from 1 May 2024, this will have an impact on every incorporated business in the UK. Kenny Logan from our Edinburgh office looks at the new fees and what these increases will mean. Companies House increase in fees will result in increased costs for all entities registered, including private...

Electronic or paper invoices?

12th March 2024
You have recently switched to electronic invoicing. However, some customers are insisting on paper invoices. Must you comply with these requests?  Elaine Wight answers this question below. While the design and layout of your business invoices is up to you, there are government regulations that require you to include certain information about your business and...

Company v bank loans?

1st March 2024
If you need a loan and your company has available cash, is it more tax efficient to borrow from it instead of your bank?  Kenny Logan from our Edinburgh office discusses below. Borrowing interest free cash from your company (that it doesn’t have to borrow to lend to you), instead of via a bank loan...
Rental Unit

Pros and cons of charging your company rent

5th December 2023
If you own the trading premises of your business, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT? Kenny Logan from our Edinburgh office takes a closer look....

Key changes for new tax year

2nd June 2023
The 2023/24 tax year is of course now underway and there have been several changes which may affect you.   Head of Tax, Christiaan Hansen provides an overview of the key points, along with our recommendations and advice. Income tax The rates of income tax haven’t been increased; however, the threshold for paying the additional...

Maternity Benefits for Company Directors

30th May 2023
All women in the UK are entitled to a total of 52 weeks of maternity leave from work – made up of 26 weeks ordinary maternity leave and 26 weeks additional maternity leave. There are two types of maternity benefits available, Statutory Maternity Pay (SMP) which is paid by an employer and Maternity Allowance (MA)...

New corporation tax rate regime begins

20th March 2023
From 1 April 2023, companies with profits in excess of £50,000 will see their corporation tax liabilities increase. This also means that relievable expenses will be more valuable, so what can you do to save as much as possible? Kenny Logan from our Edinburgh office explains. New rates From 1 April 2023 a new set...

Introducing HMRC’s new VAT penalties

26th April 2022
The first step towards alignment of VAT and direct tax penalties was due to take place in just two months but the government recently announced a delay. What’s the full story? Audrey Rankine takes a closer look. HMRC’s original timetable for the harmonisation of its late filing penalty and late payment interest regimes across most...

Paying a Bonus and tax

4th March 2022
Your accounting period is due to end soon and your fellow directors want to pay a bonus so the company can reduce its corporation tax bill. However, they don’t want to pay tax on it until the following year. Is this possible? Brona MacDougall advises on the timing and rules that you should be aware...